2003 Annual Report - Turkish Airlines

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TURKISH AIRLINES INC.NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2003 AND 2002 / continued14. OTHER LONG-TERM RECEIVABLES AND ASSETSOther receivables and long-term assets consist of the following31 December 2003 31 December 2002TL 000,000 TL 000,000Prepaid Aircraft Financing Expense 3,176,775 4,180,934Prepaid Eximbank USA Guarantee and Exposure Fee 8,096,853 10,444,639Due from personnel 1,300,516 1,814,132Receivables from SITA Deposit Certificate 645,972 1,064,540Other Receivables 90,953 127,25813,311,069 17,631,50315. BANK LOANSBank loans consist of the following:31 December 2003 31 December 2002TL 000,000 TL 000,000Short-Term Portion of Long-Term Bank Loans - 846,546- 846,54616. CAPITAL LEASE OBLIGATIONSThe future lease rental payments under financial leases are:31 December 2003 31 December 2002TL 000,000 TL 000,000Not later than one year 285,240,832 415,792,596Between 1 & 2 years 238,721,067 372,188,684Between 2 & 5 years 429,378,465 629,351,205Over 5 years 638,138,909 1,124,871,9971,591,479,273 2,542,204,482Less: Future interest expense (146,327,122) (285,562,980)Present value of future rentals shown in the balance sheets 1,445,152,151 2,256,641,502Represented by:Current Liabilities 243,716,034 342,345,135Long-Term Liabilities 1,201,436,117 1,914,296,3671,445,152,151 2,256,641,502Interest RangeFloating rate obligations 252,557,873 405,459,308Fixed rate obligations 1,192,594,278 1,851,182,1941,445,152,151 2,256,641,502As of 31 December 2003, the US$ denominated lease obligations’ interest rates are between 6.25% and 7.68% for the fixedrated obligations, and LIBOR plus a margin ranging 0.02% ile 3% for the variable rated obligations.17. DUE TO RELATED PARTIESDue to related parties consist of the following:31 December 2003 31 December 2002TL 000,000 TL 000,000Sun Express 241,661 127,734Uçak Servis A.fi. (USAfi) 5,128,795 5,991,6245,370,456 6,119,35866
TURKISH AIRLINES INC.NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2003 AND 2002 / continued18. OTHER SHORT-TERM AND LONG-TERM PAYABLESOther short-term payables consist of the following:31 December 2003 31 December 2002TL 000,000 TL 000,000Taxes and Dues Payable 18,061,535 22,293,512Social Security Deductions Payable 10,428,361 8,857,828Payable to Personnel 2,006,970 244,258DHMI Protocol Payable 15,979,871 21,072,927Discount on DHMI Protocol Payable (1,297,585) (1,978,088)Deferred Income from USAfiShare Transfer (Note 12) 2,739,470 2,529,813Deferred Income 196,768 594,951Other Liabilities 1,714,820 495,68849,830,210 54,110,889Other long-term payables consist of the following:Deferred Income from USAfi Share Transfer (Note 12) 5,478,941 7,589,4435,478,941 7,589,44319. DEPOSITS AND ADVANCES RECEIVEDAdvances received consist of the following:31 December 2003 31 December 2002TL 000,000 TL 000,000Deposits and Guarantees Received 15,714,217 18,422,629Advances Received forMileage Credit Sales 25,467,314 24,194,457Deposit Received From Turkish Republic Religious Affairs 12,640,901 12,856,715Other Advances Received 2,021,149 5,072,13455,843,581 60,545,93520. PASSENGER FLIGHT LIABILITIES31 December 2003 31 December 2002TL 000,000 TL 000,000Advanced Ticket Sales 82,355,688 77,808,918Provision for Mile Liability resulting from Sales of Mileage 29,830,420 17,694,766112,186,108 95,503,68421. OTHER ACCRUED LIABILITIESOther accrued liabilities consist of the following:31 December 2003 31 December 2002TL 000,000 TL 000,000Sales Incentive Accrual 4,273,905 19,014,747Fuel Oil Privilege Expense Accrual 9,597,577 7,332,327Expense Accruals Related with rejected Passengers 725,834 -Accrued Salaries 21,105,765 16,193,954Accrued Maintenance Costs 11,594,684 14,282,742Accrued Frequent Flyer Liability 11,445,887 13,500,439Provision for Legal Claims 5,104,077 3,966,214Other Liabilities 1,241,671 112,36765,089,400 74,402,790During preparation of the financial statements as of 31 December 2003 in accordance with IFRS, the Company decided to cancelthe unfunded internal insurance risk provision that was provided due to the Company is one of the state owned economic enterprises.Provision amount of TL 1,093,951 Million related to period before 2002, was restated by adjusting opening balance sheet of 2002and hence accompanying financial statements as of 31 December 2002 and 2001 has been presented as restated.67
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T o w a r d n e w h o r i z o n sAn
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Turkish Airlines’ Mission Stateme
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Board of Directors(as of December 3
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The fact that the United States was
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Financial FiguresProfit/Loss (TL mi
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1994-2003 Revenue Passengers1994-20
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By the end of the year, the number
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In 2003, a total of 10.4 million pa
Page 18 and 19: While scheduled domestic flightcapa
Page 20 and 21: In an effort to meet cargo demands
Page 23 and 24: We have continued to add newdestina
Page 25 and 26: As part of the Regional Aviation Pr
Page 29 and 30: HUMAN RESOURCES1999-2003 Developmen
Page 32 and 33: 30Among the services accessible via
Page 34 and 35: Miles&Miles members who purchased t
Page 36 and 37: INFORMATION TECHNOLOGYPROJECTSProje
Page 38 and 39: CAPITAL REVIEWTurkish Airlines adop
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Page 42 and 43: TURKISH AIRLINES INC.DETAILED BALAN
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Page 52 and 53: TURKISH AIRLINES INC.BALANCE SHEETS
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Page 58 and 59: TURKISH AIRLINES INC.NOTES TO THE F
Page 78 and 79: TERMS AND ABBREVIATIONSAvailable Se
Page 80 and 81: ASIAAlmatyAmmanAshkhabadBahrainBang
Page 82: Our FleetA340-300Number of Aircraft
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2003 Annual Report - Turkish Airlines

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